Analysis of Creandum: The Nordics Most Active Investor.

Yesterday, we published ‘A Comprehensive Guide to Who is Actively Investing in Nordic Startups’ detailing the 145 organisations and 64 individuals that invested in a Nordic startup in 2014.

Most of the 200+ investors just invested once, but some invested on multiple occasions, and one in particular stood clear at the top of the pack for making the most investments: Creandum.

So, based on 2014 it is fair to say that Creandum are currently the Nordics most active investor.

Therefore, they will naturally be a prime target for Nordic startups looking for investment, but what are Creandum looking for?

I analysed their investments in 2014 based on location, amount, stage, and vertical to help us get a better idea of what their typical investment looks like.



The good news for Nordic Startups is that it appears that Creandum do not judge you on your location and are more than happy and equipped to invest in you regardless of where you are located in The Nordics, with investments in all Nordic Countries bar Iceland.

Interestingly, the number of investments per Country probably accurately reflects the general funding picture in the Nordics right now with Sweden leading the way and Denmark challenging Finland just behind.


Due to Creandums involvement in iZettle’s $55M Series C in 2014, it doesn’t make sense to look at the average size of deal that they were involved in in 2014, therefore I looked at their average Seed Round and their Series A instead as it is at these stages that they typically get involved at.

Creandum’s average Seed and Series A is a lot higher than the average in the region in 2014, which was $1.16M and $5.64M respectively, so not only are they making more investments than others they are also typically investing more than others at Seed and Series A.


As stated above, Creandum typically invest at Seed or Series A, although it’s worth noting that they do participate in later rounds of companies they already have a stake in, with the Series B they invested in they were a seed investor, and in iZettle’s Series C they invested at Series A.

Creandum made two follow up investments at the end of 2014 in startups they had already invested in at the beginning of 2014 (Fitbay and Playraven) and for the sake of this analysis, I only included the first investment they made ($400K in Fitbay and $2.3M in Playraven)


As for the verticals that Creandum typically invest in, it again mirrors the region as a whole, with Enterprise SaaS, Health, Gaming and Fintech the top four both for Creandum and for investors in the region in general. This isn’t exactly a surprise though with these four both where The Nordics are known for being strong in and for where the majority of startups (and money) is focused on currently.

Other verticals that Creandum invested in on one occasion included: Mobile, Marketplaces, Music, Fashion and Curated Web.

It’s certainly positive for the region to have an investor like Creandum that is happy to make such a diverse amount of investments, and to put their money in to help Nordic Startups grow. Of course, Creandum are not the only ones who are making a large number of investments in the Nordics, and honourable mentions must also go to Northzone, Tekes, Inventure and Sunstone. To get the full list of investors in Nordic Startups in 2014 then you can check out our ‘A Comprehensive Guide to Who is Actively Investing in Nordic Startups’ (Members Only)

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Neil S W Murray founded The Nordic Web in 2014 in order to provide the Nordics with the quality coverage it deserves. As well as being Founding Editor of The Nordic Web, Neil is also an active community builder in the region, participating in a number of initiatives, and has previously worked for